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Stock Market Today: Indexes Down, Apple Still Solid; Will These 3 China Stock Leaders Hold Up? | Stock News & Stock Market Analysis

Major U.S. equity indexes remained mildly underwater amid lingering concern over whether the GOP-led tax plan will justify recent gains in stocks over the past year.

XAutoplay: On | OffApple (AAPL), meanwhile, is still on course for a third up week in a row. Despite a small loss on Friday, the megacap tech is on course to rise more than 1% for the week.

At 174.78, gains from two recent buy points — up 11% from a flat base with a 156.75 buy point, up 8.5% from a narrow cup with handle at 160.97 — mean Apple is now extended from a correct entry.

At 1:30 p.m. ET, the Nasdaq composite sank less than 0.1%, doing slightly better than the S&P 500 and Dow Jones industrial average, both down a little less than 0.2%. The small-cap S&P 600 was up nearly 0.2%.

Industry groups leading the downside included specialty steel alloy, hospital, wholesale drug supply, medical research and equipment, ship transport and oil drilling stocks, all down 1% or more.

Back to Apple, the weekly chart continues to show robust demand for shares. Apple is best known for its iPhone but is now making traction not only in the services segment but also in its “Other Products” side, which includes the Apple Watch.

According to its fiscal Q4 report (for the quarter ended in September), revenue from other products jumped 36% to $3.23 billion. Certainly a small part of the total $52.58 billion in quarterly sales, but that 36% jump is the highest across all Apple divisions, exceeding a 34% lift in the services segment.

Wall Street expects Apple’s growth to accelerate over the longer term.

In the fiscal first quarter, earnings are seen growing 12% to $3.77 a share, which would be a slowdown vs. EPS gains of 18% and 24% in the prior two quarters. But Q2 profit is seen swinging up 39% to $2.92 a share.

Among Chinese leading stocks, the continued strength of indexes in Shanghai and Hong Kong form a healthy backbone for U.S.-based ADRs and ADSs of some of the most dynamic firms in the fields of e-commerce and media.

Weibo (WB), YY (YY)and 58.com (WUBA) are good examples, and all three have posted strong gains in recent years.

58.com is in buy range after crossing back above the key 50-day moving average. Check out its annotated daily and weekly charts in Leaderboard.

Weibo is down 2% but holding above a 105.60 buy point in a narrow double bottom base. The base also has the elements of a cup but it also late stage, which spells higher risk of not working out. However, Weibo continues to command excellent top- and bottom-line growth.

See IBD’s Stock Spotlight to learn more about the fundamental and technical progress for both Weibo, a leader in social media, and rival YY.

The IBD 50 also features more top Chinese firms and other companies sporting excellent earnings and sales growth and outstanding profit margins.

Earnings from Weibo and YY, along with other names like NetEase (NTES) and Tencent (TCEHY), are due next week.

Meanwhile, the yield on the benchmark U.S. 10-year Treasury bond jumped to 2.40%, up 6 basis points and the highest in several weeks. WTI crude oil futures edged 0.5% lower to $56.86 a barrel, but oil has rallied powerfully over the past month.

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